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3 5 0 1 EAST 46th AVENUE, DENVER, COLORADO

OFFICE OF THE PRESIDENT

July 30, 1948

AIR MAIL

Hon. Marriner Eccles
Federal Reserve Board
Washington, D. C.
Bear Mr. Eccles:
I noticed i n the press that you were t e s t i f y ing yesterday on the economic s i t u a t i o n i n the
B&ited States. I would l i k e very such to have a
copy of your testimony, and also a copy of the transc r i p t of the record as soon as i t i s a v a i l a b l e .
From the press r e p o r t , I take i t that you f e e l that
we have gone so f a r that nothing but a major crash
i s possible. I would very much appreciate any
comments you would care to make to me personally, and
i f you want them treated as c o n f i d e n t i a l , I c e r t a i n l y
w i l l t r e a t them i n that fashion.
I t has been a long time since I have had a
good v i s i t w i t h you, hut I^secttnpe to admire your
f o r t h r i g h t stand on iar




Kindest perso

PATTON
President
NATIONAL FARMERS UNION

August 18,

1948.

Dear Jim:
1 have delayed replying to your letter of
July 30 awaiting the printing of the transcript of m
y
testimony before the Senate banking and Currency Committee. It has just arrived and I take pleasure in
sending you a copy as yourequested. I did not have
time to prepare any statement in advance.
m
y
testimony was off the cuff.
I sought to point out that w have gone so
e
far that I can see no possibility of avoiding s m deo e
gree of corrective deflation in the end* which means of
course unemployment and reduced production. But I also
ssLid that its severity could be moderated by appropriate
Government action so that there is no reason why w
e
should have a major crash.
I appreciate your generous personal references and trust I will have an opportunity to see you
e
when you have occasion to be in town. Let m take this
opportunity to reciprocate your kind personal regards
and best wishes.
Sincerely yours,

Mr. James G. Patton, President,
National Farmers Union,
3501 last 4 6 t h Avenue,
Denver, Colorado.
Enclosure
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